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Chris2335
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Income

I included an SSA-1099 from Social Security as part of my income and have to pay taxes on it. However, I was overpaid and have to repay a large amount of those funds back. Do I still have to pay taxes on this?

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2 Replies

Income

If you had to repay an amount of Social Security Benefits that you included in your income in an earlier year, you may be able to deduct the amount repaid from your income for the year in which you repaid it.

Income

it seems you got too much in 2023 and are repaying in 2024. you can't amend 2023 because it's correct. so it seems the only way to get your money back is in 2024 when you file in 2025 and claim a credit under IRC 1341 if the repayment was over $3,000. if less, you are only entitled to an itemized deduction in 2024.  

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